The British Chambers of Commerce Quarterly Economic Survey for Q2 reveals weak business sentiment among firms in the UK. Confidence in turnover growth is just 49%, with only a third of businesses reporting increased domestic sales in the last three months. The hospitality and retail sectors experience the lowest confidence levels. While expectations for price increases have decreased from 55% to 44%, labour costs remain the leading pressure for 73% of companies. Profitability expectations show slight improvement with 41% anticipating profit increases.
Business confidence among firms is weak, with only 49% expecting turnover to increase over the next 12 months, a slight rise from previous quarters.
Levels of confidence remain lowest in the hospitality sector (33%) and retail (44%), which indicates ongoing challenges for these industries amid the current economic climate.
A total of 44% of businesses expect to raise their prices in the next three months, down from 55% in the previous quarter, indicating a moderation in price adjustments.
Labour costs are the primary cost pressure for 73% of firms, highlighting significant challenges in managing operational expenses, especially in transport and logistics.
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